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Italian economy slides into recession

Italian economy slides into recession
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First Published: Fri, Nov 14 2008. 03 59 PM IST
Updated: Fri, Nov 14 2008. 03 59 PM IST
AP
Milan: Government data show that the Italian economy is officially in recession. Europe’s fourth-largest economy recorded negative growth for the second consecutive quarter in the third quarter.
The ISTAT statistics office said Friday that gross domestic product in the July-September period contracted by 0.5% compared with the previous quarter and by 0.9% compared with the same quarter in 2007.
The economy shrank 0.3% in the second quarter.
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First Published: Fri, Nov 14 2008. 03 59 PM IST